Poor Fiscal Literacy May Place the Financial Future of Houston Hispanic Business...

Poor Fiscal Literacy May Place the Financial Future of Houston Hispanic
Business Owners and Their Families At-Risk

University of Houston/MassMutual Study Reveals Hispanic Entrepreneurs Lack
Knowledge of and Confidence in All Aspects of Financial Strategies

HOUSTON, April 29 /PRNewswire/ -- Third among all American cities in the
number of Hispanic-owned businesses, Houston is one of America's flashpoints
of entrepreneurialism. Yet, Houston Hispanic business owners have limited
knowledge about the range of financial products and services available to
them. They are unprepared for retirement and are worried about meeting their
long-term goals. The fiscal fitness of Spanish-preferred small business owners
is in even worse shape. These are just a few of the dramatic findings
revealed in a recent study conducted by the University of Houston, C.T. Bauer
College of Business.

The study, conducted by MBA students in the University of Houston C.T. Bauer
College of Business, was sponsored by Massachusetts Mutual Life Insurance
Company (MassMutual), one of the oldest and most prestigious financial
services companies in the country, in partnership with the Houston Hispanic
Chamber of Commerce. The study's findings are a guidepost to MassMutual's
Fiscal Fitness Initiative created to arm Latinos with the information and
tools they need to improve their fiscal health.

"The disparity of knowledge about financial services and products, and the
corresponding lack of business and personal planning, could affect potentially
thousands of business owners and their families," said Latha Ramchand, UH
Bauer College associate dean for programs and administration. "The need for
greater financial literacy takes on greater urgency given today's tough
economic climate. Our MBA students and Bauer were glad to participate.
Providing expertise and knowledge is one way a business school can connect
back to the community."

A total of 183 Hispanic business owners participated in the study via online
or in-person surveys which were completed in November 2008. Business owner
respondents skewed male, over 35 years of age, married, and highly educated -
41 percent with post-graduate degrees. Findings were analyzed by company size,
language preference, generation, and other variables.

-- Key findings reveal that local Hispanic business owners: Are not
confident in their ability to make good financial decisions and lack
knowledge about financial products and solutions. Lack of confidence
is
particularly acute for small business owners, as 50 percent said they
"wish they were in more control of their finances."
-- Think finances should be a stronger priority but lack knowledge about
financial products and solutions. Large business owners are more
knowledgeable than their small business peers. Yet only 43 percent of
large business owners indicated that the one product they are most
knowledgeable about is employee health insurance.
-- Are unprepared to transition their businesses to family members.
Approximately 81 percent of the respondents who hope to pass on their
business to family do not have a succession plan in place.

-- Who prefer to speak Spanish do not use financial services as often as
the survey respondents who prefer speaking in English. For example, 31
percent of all respondents have a retirement plan; 69 percent are
English speakers compared to only 18 percent of Spanish speakers. Of
the 25 percent of the total respondents who have a comprehensive
financial plan, 35 percent are Spanish-speakers and 50 percent are
English speakers.

"After giving their blood, sweat and tears to establishing their businesses,
Latinos should be rewarded with the confidence and tools to help them lay the
foundation for a more secure future for themselves, their businesses and their
families," said Chris Mendoza, director of multicultural markets for
MassMutual. "We are committed to offering resources that de-mystify financial
strategies, beginning in Houston."

MassMutual's Fiscal Fitness Initiative includes partnerships with local
organizations to host workshops and an integrated communication campaign to
provide financial information to Houston Latinos. MassMutual will also
develop educational tools and conduct speaking engagements to enlist the
leaders from all sectors of the Houston community to help Latinos bridge the
gap in fiscal fitness.

As the leading regional advocate for the Hispanic business community, the
Houston Hispanic Chamber of Commerce is an ideal partner to work with
MassMutual to help Hispanic business owners and professionals improve their
financial health.

"The call to help Hispanics increase their fiscal fitness falls on the
collective shoulders of the business community, academia and Hispanic
community leaders," said Dr. Laura G. Murillo, president and chief executive
officer for the Chamber. "We cannot afford to allow future generations to be
in jeopardy."

About MassMutual
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life
Insurance Company (MassMutual) and its affiliated companies and sales
representatives. MassMutual and its subsidiaries had more than $360 billion in
assets under management at year-end 2008. Assets under management include
assets and certain external investment funds managed by MassMutual's
subsidiaries.

Founded in 1851, MassMutual is a mutually owned financial protection,
accumulation and income management company headquartered in Springfield, Mass.
MassMutual's major affiliates include: OppenheimerFunds, Inc.; Babson Capital
Management LLC; Baring Asset Management Limited; Cornerstone Real Estate
Advisers LLC; The First Mercantile Trust Company; MML Investors Services,
Inc., member FINRA and SIPC (www.finra.org and www.sipc.org); MassMutual
International LLC and The MassMutual Trust Company, FSB.

About The Houston Hispanic Chamber of Commerce
The Houston Hispanic Chamber of Commerce (HHCC) is the leading regional
advocate for the economic and civic interests of the Hispanic business
community. As such, the HHCC serves as the Leader of Houston's New Majority.
HHCC represents over 2,800 members, ranging in size from incubator companies
to multi-national corporations, making this Hispanic chamber the largest one
in Texas.

SOURCE MassMutual Financial Group

Norma Galeana, +1-562-261-6811, negaleana@sbcglobal.net, for MassMutual
Financial Group